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Yang Ming's surprising Q1/2020

The Keelung (Taiwan)-headquartered Yang Ming shipping group has published its consolidated revenues for Q1/2020. The total figure of NTD 34.64 billion (USD 1.15 billion) shows a rather moderate decline of 1% compared with NTD 35.08 billion (USD 1.14 billion) in revenue in Q1/2019.

In contrast to other carriers, overall container throughput in Q1/2020 shrank by 4% to 1.24 million teu in comparison to the same period last year. The company’s net loss, after tax, was NTD 0.82 billion (USD 27.15 million).

A part of these red figures can be contributed to the loss of NTD 0.33 billion (USD 10.95 million) from some of the group’s subsidiaries, including bulk business.

While the slow resumption of production after the Lunar New Year and the proactive service and space reduction plan instituted by THE Alliance in response to the Covid-19 outbreak were suggested as reasons for the slow business, the carrier also said that "container business earnings were weaker than expected". (mw)